Terms Used In Vermont Statutes > Title 11 > Chapter 4 > Subchapter 1 - General Provisions

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Collective account: means an internal capital account that represents the portion of the net book value of the corporation attributable to the cooperative. See
• Contract: A legal written agreement that becomes binding when signed.
• Conversion: means a change in character of residential real property from a rental to an ownership basis. See
• Cooperative housing corporation: means a domestic corporation which has elected to be governed by the provisions of this chapter. See
• Cooperative interest: means the ownership interest in a cooperative housing corporation which is evidenced by a membership share. See
• Cooperative property: means all the real and personal property, including mobile and manufactured homes, in this state owned or leased by a cooperative housing corporation for the primary purpose of residential use. See
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Domestic: when applied to a corporation, company, association, or copartnership shall mean organized under the laws of this State; "foreign" when so applied, shall mean organized under the laws of another state, government, or country. See
• Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Internal capital account cooperative: means a worker cooperative governed in accordance with section 1090 of this chapter. See
• Internal capital accounts: means a system of accounts on the books of a worker cooperative that reflects the book value of the corporation. See
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lender: includes banks, the Vermont Housing Finance Agency, and other financial institutions. See
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Limited equity cooperative: means a cooperative housing corporation, organized in accordance with section 1598 of this title. See
• Member: means a person who has been accepted for membership in, and owns a membership share issued by, a worker cooperative. See
• Member: means a person who owns a cooperative interest, and who is entitled to voting rights as prescribed in section 1594 of this title. See
• Membership fee: means the consideration paid for a membership share. See
• Membership share: means a share of voting stock issued to each member of a worker cooperative as evidence of membership. See
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Oath: shall include affirmation where by law an affirmation may be substituted. See
• Oath: A promise to tell the truth.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Patronage: means the amount of work performed as a member of a worker cooperative, measured in accordance with the articles of association or bylaws. See
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Person: means a natural person. See
• Personal property: All property that is not real property.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Service of process: The service of writs or summonses to the appropriate party.
• State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
• Summons: Another word for subpoena used by the criminal justice system.
• Town: shall include city and wards or precincts therein; "selectboard members" and "board of civil authority" shall extend to and include the mayor and aldermen of cities; "trustees" shall extend to and include bailiffs of incorporated villages; and the laws applicable to the inhabitants and officers of towns shall be applicable to the inhabitants and similar officers of all municipal corporations. See
• Unit: means a portion of the cooperative property leased for exclusive occupancy by a member under a proprietary lease, or leased to a tenant by lease agreement. See
• Worker cooperative: means a corporation which has elected to be governed by this chapter. See
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.